Alpha Compute Corp. (Nasdaq: ALP) has entered into a binding term sheet for the planned acquisition of mineral, surface, and pore-space assets in northern Pennsylvania, with an eye toward developing a natural gas-powered data center campus, according to a company statement.

The term sheet grants Alpha Compute Management, LLC, a subsidiary of the company, an exclusive option to acquire the assets at a base purchase price of $55,000,000. A $3,000,000 deposit is payable following execution of a definitive property purchase agreement and will be credited against the balance due at closing.

The planned campus would initially target 200 megawatts of power and data center capacity, with a potential expansion to 1 gigawatt. The project is described as a greenfield development, meaning no power or data center capacity is currently operating at the site.

The assets include approximately 1,800 oil and gas mineral acres in the Marcellus Formation. A third-party evaluation cited in the press release estimated that gas from the formation could supply 200 MW of continuous generation for ten years at an all-in delivered cost of approximately $0.0585 per kilowatt-hour, compared to prevailing PJM commercial and industrial rates of roughly $0.08 to $0.10 per kilowatt-hour. The company noted these estimates remain subject to validation.

Alpha Compute said it plans to use non-dilutive capital through special purpose vehicles and joint ventures to fund the acquisition and development. The transaction remains conditional on due diligence, definitive agreements, financing, and regulatory approvals. The company stated no assurance can be given that the transaction will close or that any planned data center will be constructed.

The project requires review by the county planning commission and approval by the board of commissioners, along with environmental assessments and permits from the Pennsylvania Department of Environmental Protection and the Susquehanna River Basin Commission.

The county's chief assessor has publicly estimated a project of this scale could add approximately $2.08 billion to the county's taxable assessed value, with an estimated combined annual tax impact of $33.4 million. Actual outcomes would depend on final project configuration.